Pennington, NJ is a small suburban town located near Trenton in Mercer County. The population is approximately 2,600 people and it is considered to be one of the best places to live in New Jersey. This charming community is a great place to raise a family or to retire. Companies such as Pennington Forestry Services, Merck & Co., Sanofi Pasteur, and Chase Bank have their headquarters here.
The cost of living in Pennington is slightly higher than the US average. For example, the rent for a 2-bedroom apartment is about $2180 compared to $1430 in the US. Additionally, the Grocery Cost Index in Pennington is 111 vs 100 around the country. Despite this difference, Pennington still offers affordable housing options and has many amenities that make it an appealing place to live.
Pennington has an unemployment rate of 6.2%. The US average is 6.0%.
Pennington has seen the job market increase by 1.3% over the last year. Future job growth over the next ten years is predicted to be 29.4%, which is lower than the US average of 33.5%.
Tax Rates for Pennington
- The Sales Tax Rate for Pennington is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Pennington is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Pennington
- The average income of a Pennington resident is $64,913 a year. The US average is $28,555 a year.
- The Median household income of a Pennington resident is $141,250 a year. The US average is $69,021 a year.